Tennessee CRS buys two San Francisco Bay Area assets for $125m

The Tennessee Consolidated Retirement System has approved two acquisitions in the San Francisco Bay Area for a total of $125 million, according to Shelli King, communications director for the retirement system.

The first property is located at 1149 Chess Drive and is a 100 percent leased office/R&D building located in Foster City, Calif. TCRS paid $67.3 million for the property.

The second property is located 85 Willow Road in Menlo Park and is a 100 percent leased office building located in Menlo Park, Calif. TCRS paid $57.7 million for the asset.

According to The Registry, the seller is a partnership between Chicago-based LaSalle Investment Management and Harvest Properties.

The Registry stated TCRS is planning to buy the Foster City property as a separate account investment. The manager with which it is acquiring the property is an entity affiliated with DWS.

As of June 30, 2018, the market value of the TCRS fund was approximately $49.6 billion.